HF1965

Purpose of the Bill

The purpose of this bill is to provide funding for the Small Business Assistance Partnerships Program in Minnesota. This program is designed to support small businesses through partnerships.

Main Provisions

• The bill allocates $6,425,000 for fiscal year 2026 and another $6,425,000 for fiscal year 2027.
• These funds are to be appropriated from the general fund and given to the commissioner of employment and economic development.
• All grant awards provided under this program will cover two consecutive years, with grants given out in the first year of the appropriation.
• Up to five percent of the total appropriation can be used by the department for administrative purposes.

Significant Changes

• The bill introduces a one-time funding allocation specifically focused on small business assistance, which is tied to the existing statutes governing economic development.

Relevant Terms

small business assistance, economic development, grant awards, general fund, administrative purposes, employment commissioner.